Zimbabwe: 2007 till Mugabe resigns

[Tom Odom]

Man those must be mint 50 Makuta's

Let's see 100 Makuta to a Zaire and 5 Million Zaires to a dollar, that means they were worth 1/500 Million of a dollar....

Anybody got change for a 50 Makuta?

[Stan]

Man those must be mint 50 Makuta's

Remember how they wrapped 25 notes together using the 25th like a taco around the other 24 ? I had a stack of those and never once handled, intent on creating a new Monopoly game called Zaire in Maryland . That idea never really took hold, but my sister, a MD banker showed her friends my 84 funny money. Later some of those people fired up a website and posted all that Sierra there. I must have sent them everything I ever found in Zaire.

Good stuff, aye !
EDIT: Best thing about this Mo Money is the serial number is only on one side. The scans are actually two bills

[carl]

They still use the 25th bill to wrap the other 24. The franc seems quite stable now. The two years I was there it stayed around 500 to $1 and now (i just checked) it is 437 to $1.

I talked to pilot once who used to haul money for Mobutu. They would leave Kin empty and go to Brazil non-stop. On the return they had to make a fuel stop because the DC-8 was so heavily loaded with paper money. The next stop was Gbadolite to give the old man his cut, then on to Kin with the rest.

[Tom Odom]

Dying Silently In Zimbabwe By Michael Gerson


...This kind of hyperinflation is rare in history, but we are seeing it once again, in Zimbabwe. Government officials claim an inflation rate of 66,212 percent (most months they refuse to release inflation figures at all). The International Monetary Fund believes the rate is closer to 150,000 percent -- about the level reached by Weimar Germany. By some estimates, about 50 percent of Zimbabwe's government revenue comes from the printing of money. At independence in 1980, the Zimbabwean dollar was worth more than one U.S. dollar. Recently, the state-controlled newspaper raised its cover price to 3 million Zimbabwean dollars. Two pounds of chicken were recently reported to cost about 15 million Zimbabwean dollars.

A Zimbabwean friend who runs a business recently told me, "If you don't get a bill collected in 48 hours, it isn't worth collecting, because it is worthless. Whenever we get money, we must immediately spend it, just go and buy what we can. Our pension was destroyed ages ago. None of us have any savings left." Zimbabwean nationals who work on the U.S. Embassy staff in Harare have seen all their retirement funds wiped out. American government officials in the country carry boxes of money to pay at restaurants and must begin counting out currency at the beginning of the meal to finish by its end.

short but interesting piece; the real currency of power comes from gold and platimum and land sales to the Chinese and Libyans.

Tom

[Tom Odom]

And stretching for good news:

Zimbabwe is rare bright spot for AIDS in southern Africa

HARARE, Zimbabwe — In southern Africa for the past two decades, casual sex helped to fuel the worst epidemics of HIV and AIDS in the world. In Zimbabwe, however, fewer people are taking chances anymore, making this otherwise beleaguered nation an unlikely bright spot in Africa's battle against AIDS...

...Experts suggest that sex has become another casualty of the country's eight-year economic depression, which has shrunk the economy by nearly half. Few men have the money to support extramarital affairs or, for bachelors, the late nights on the town often required to woo a woman.

"You have to spend to get sex," said Richard Chimbiri, who writes a column on HIV for the Financial Gazette, an independent newsweekly. "Some guys would have four or five girlfriends if they could. But the economic situation and the risk of HIV — it's all conspiring to make people change their attitudes."

[Tom Odom]

This is no longer "runaway" inflation--it is Zimbabwe's economy in return to earth orbit without heat shields.

$1 now equals 25,000,000 Zimbabwe dollars

HARARE, Zimbabwe (AP) -- It's easy being a multmillionaire in Zimbabwe these days, at least if you're counting in local dollars.

Money traders in the economically depressed African country say the Zimbabwe currency has tumbled to a record low of 25 million for a single U.S. dollar.

With Zimbabwe dollars mostly available in bundles of 100,000 and 200,000 notes, one $100 note bought nearly 20 kilograms (40 pounds) of local notes at the new market rate Wednesday.

Currency dealers said uncertainties ahead of elections scheduled March 29 and the world's highest inflation of 100,500 percent led holders of hard currency to hang on to their money at the same time as the state central bank pumped more local cash into the market for election costs.

The price of the U.S. currency was also pushed up by central bank buying on the unofficial market to pay for power, gasoline and vehicle imports ahead of the polling, said one black market dealer who could not be identified out of fear of reprisals.

Last week saw Mugabe's 84th Birthday so he threw a party:

Mugabe ready to party in impoverished Zimbabwe


HARARE, Zimbabwe (AP) -- As many as 10,000 people were converging on a town in southern Zimbabwe for President Robert Mugabe's 84th birthday celebrations, state radio reported Friday.

Many were traveling free on commandeered buses and trains, it said.

Organizers of Saturday's ceremonies said they raised about 3 trillion Zimbabwe dollars (or the equivalent of about $250,000 at the dominant black market exchange rate) for the bash amid chronic shortages of hard currency, gasoline, food and most basic goods.

[Tom Odom]

Another great idea....

Zimbabwe: Blacks to control firms
(CNN) -- Zimbabwe's President Robert Mugabe has signed a new law that hands over majority ownership of all businesses to "indigenous" Zimbabweans.


The new law means that foreign- and white-owned companies operating in the country will have to surrender at least 51 percent control of their operations to blacks.

Lawmakers passed the legislation last September. But the presidential "assent" was announced Sunday in the government-controlled newspaper, The Sunday Mail.

It comes just days before Mugabe could face the most serious challenges to his decades-long rule in the March 29 presidential and parliamentary elections.

Under his rule, once-prosperous Zimbabwe has suffered an economic crisis with routine shortages of food, electricity and foreign currency.

Unless the Minister of State for Indigenisation and Empowerment alters the share allotment, the law would mean that several banks, mining companies and phone companies -- among other foreign businesses -- will have to relinquish control.
The bill, when it was put forward last year, described "indigenous Zimbabwean" as "any person who, before the 18th April, 1980, was disadvantaged by unfair discrimination on the grounds of his or her race, and any descendant of such person."